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Genesis mining review

In this Genesis Mining reviews, we will analyze the company with regards to the contract price, maintenance fee, profitability, payouts, security, and transparency. We will compare Genesis Mining to other cloud mining companies and you can also read our other cloud mining reviews.

Cloud mining has been under fire in the cryptocurrency communities around the globe. Most of the traders and investors call the investment proposition a scam scheme, where no profit is possible and providers look to rip the crypto owners off. Cloud mining was a popular form of investment during 2017. Read more about what will happen to cloud mining during 2018.

Although there are platforms that have turned out to be frauds, we disagree with such opinion. Proof of our claim is Genesis Mining platform, alongside with several others, who turned out to be legitimate businesses. Stay tuned as we review the Genesis Mining in terms of cloud investment products, maintenance fees, and potential profitability.

General Information about Platform

Founded in 2013 by the cryptocurrency enthusiasts, the Genesis Mining became one of the world’s first cloud mining platforms. The mining farms were built in several regions of the world, constantly increasing the capacity of the operations, as well as cryptos that are supported by the company. The company is based in Hong Kong while locations of the mining sites remain secret due to the security reasons.

Their services are available globally, as you only need a credit card to purchase offered plans. These cloud mining plans are concerned with several crypto coins, them being bitcoin, DASH, Ethereum, Litecoin, Monero, and Zcash, as shown below.

You are not required to verify your identity at any point, as registration is enough to start the program. You should also be aware that these plans are not infinite since company limits the number of clients that can purchase the program. Thus, many times out-of-stock situation may happen for several coins, especially bitcoin.

The plans were set for unlimited just a few months ago but now are constrained to two years.

Bitcoin Mining Coin programs

The bitcoin cloud mining program uses SHA256 algorithm through specialized ASIC-Hardware to mine BTCs. The maintenance fee stands at USD 0.00028 per GH/s on daily basis. There are three mining plans to choose from, them being:

Gold plan: 100 GH/s for a price of $30

Platinum plan: 2.000 GH/s for a price of $350

Diamond plan: 10.000 GH/s for a price of $1.950

Litecoin Cloud Mining

The Litecoin plan uses Scrypt algorithm for mining, while equipment used, just like with bitcoin, is specialized ASIC hardware. There are no maintenance fees for Litecoin programs, as to increase the attractiveness of the deal.

Gold plan: 2 MH/s for a price of $28

Platinum plan: 50 MH/s for a price of $650

Diamond plan: 200 MH/s for a price of $2.400

Ethereum Cloud Mining

Ethereum is the second most popular mining product after bitcoins at Genesis Mining, mine with the help of smart contracts. The contract lasts for two years and there are no maintenance fees if you choose this program.

Small plan: 1 MH/s for a price of $29,99

Medium plan: 30 MH/s for a price of $869

Large plan: 100 MH/s for a price of $2.799

Zcash Cloud Mining

Zcash is mined through Equihash algorithm while maintenance fees do not apply as well. DASH currency also offers a set of three plans as presented below.

Small plan: 25 H/s for a price of $47,99

Medium plan: 250 H/s for a price of $459

Large plan: 2.500 H/s for a price of $4.399

DASH Cloud Mining

The DASH mining program is supported by mining operations that use X11 proof-of-work algorithm. Also comes without maintenance fees.

Gemini plan: 5 MH/s for a price of $30

Ferox plan: 100 MH/s for a price of $500

Graviton plan: 500 MH/s for a price of $2.250

Monero Cloud Mining

Monero is currently the only available coin program at Genesis Mining, as all other cryptos have been sold out. This digital currency is mined with the use of proof-of-work algorithm known as CryptoNight, while no maintenance fees are charged for the program.

Currently, you have a choice of three separate programs or a custom one, depending on your needs. These programs are:

Blaine: 1.000 H/s for $830

Dynamo: 3.000 H/s for $2.460

Houdini: 9.000 H/s for $7.200

Custom (you set the hash rate you want with the minimum being 1.000 H/s and maximum 15.000 H/s, as shown below).

The daily payments are made through Monero coins, and you would receive them each day until the end of the contract period.

Is Cloud Mining Program Profitable?

To properly investigate the proposition, we made a two-year calculation based on current situation in the Monero market. Other coin plans are still unavailable for purchase, thus the profit analysis shall be conducted on Monero programs only.

We use data about mining difficulty of Monero from www.whattomine.com though we benchmarked the numbers around with other platforms as well. The selling price of Monero is from Poloniex and several other exchanges where the coins can be sold. For the daily mined coins, you can use online platforms, specifying how much Monero you would get with given hash power.

Genesis Mining Profitability

Blaine

Dynamo

Houdini

Custom – Maximum

Program Cost

$830

$2 460

$7 200

$12 000

Hash Power

1 000

3 000

9 000

15 000

Maintenance Fees (daily)

0

0

0

0

Total Cost per Day (2 years)

$1,14

$3,37

$9,86

$16,44

Mined Coins (2 years)

3,178

9,536

28,607

47,677

Mined Coins (per day)

0,009

0,026

0,078

0,131

Value of Coin

$460

$460

$460

$460

Revenue Value (per day)

$4,01

$12,02

$36,05

$60,09

Profit/Loss (daily)

$2,87

$8,65

$26,19

$43,65

Profit/Loss (monthly)

$86,06

$259,43

$785,67

$1 309,43

Profit/Loss (2 years)

$2 094

$6 313

$19 118

$31 863

ROI (2 years)

252,3%

256,6%

265,5%

265,5%

Payback period (days)

289

284

275

275

The crux is this – by the current market data, you will get your invested money back in 289 days while the overall day profit ranges from $2.87 to $43.65, depending on the chosen plan. The overall ROI for 2 years is 250%, increasing towards 265% according to the current market and difficulty trends. To summarize, you DO make money using Genesis Mining for the given market trends and Monero sells value.

You should take into account risks associated with cloud mining. The first is the increasing difficulty of the Monero mining, meaning that each new day will bring you fewer coins, thus less profit. The value of the coin itself can go down further lowering your profit as well.

History

Since its opening in 2013, Genesis Mining grew steadily in mining operations and customer number. The locations of the new mining farms, as well as their number, is not clear, as the company keeps the data hidden due to the security reasons. Thus, we have almost no known history of the company, which might point towards potential fraud in the future.

Pros

plan contract lasts for 2 years

no verification of identity needed

globally available service

large hash power available for Monero

Cons

number of contracts out of stock

starting plan above $100 level

no history information regarding the platform

Payouts

Payouts are made on the daily basis, expressed n cryptocurrencies. It means that you will get cryptos themselves as if you have mined them personally. Each day there is a payout, though company reserves the right to change the pattern if needed.

Conclusion

Overall, the limited number of contracts available for traders does have its drawbacks, as you can invest only in Monero plans. The good news is that ROI is 250% according to the current market data regarding coin’s value and mining difficulty.

Keep in mind that 2 years is an awfully long period of time and a lot can happen in that period. You might end up with a good deal or you might even make a loss instead of a profit.